WTI Oil Market Analysis - March 10, 2026
By Elior Manier
On March 9, 2026, the West Texas Intermediate (WTI) oil market experienced unprecedented volatility, with prices swinging dramatically due to geopolitical tensions and comments from President Trump. The session opened with an 11% gap, escalating from $92 to $103, before peaking at $120, marking a historic day for oil trading.
Market Reactions and Geopolitical Context
The volatility was exacerbated by a statement from President Trump during a private interview, suggesting that the ongoing war could be resolved "very soon." This comment, taken out of context, led to a $12 drop in WTI prices, although some of this loss was recovered overnight. The market remains on edge as the conflict continues, with no clear exit strategy in sight.
Current Market Dynamics
Despite the initial panic, G7 leaders have discussed the potential release of Strategic Reserves to stabilize the market, which has helped calm fears temporarily. However, the Strait of Hormuz remains under threat, with reduced oil traffic due to ongoing military actions affecting both civilian and oil infrastructure.
WTI Oil 5M Chart from March 9, 2026. Source: TradingView
Technical Analysis
As of March 10, WTI oil is returning to its previous upward channel, indicating that the most significant volatility may be behind us. The Relative Strength Index (RSI) is showing a neutral trend, suggesting potential for a gradual increase towards the $100 mark, especially if the conflict persists.
Key Support and Resistance Levels
Recent volatility has established several critical support and resistance levels:
Resistance Levels:
- $89 to $91 Channel highs
- $93.50 to $95 (Bullish above this level)
- $98 to $100 Resistance
- $106 to $108 (June 2022 Resistance)
- $116 to $120 (2022 and Monday highs)
Support Levels:
- $82.80 to $84 Daily Support
- $78 to $80 (2025 Highs Key Support)
- $73.00 to $74.00 (Past week spike)
- $69 to $70 Main Support
- $67.50 to $68 (September 2025 Mid-term Support)
- $55.00 (2025 lows)
Conclusion
As the situation evolves, traders should remain vigilant and flexible, monitoring key levels and potential breakout scenarios. The market's response to geopolitical developments will be crucial in determining the future trajectory of WTI oil prices.
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